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There are 5 retirement plans real estate agents should look into before retirement. There is traditional IRA when anyone that have a $5,000 income. The Roth IRA is almost similar to the traditional IRA but the Roth IRA just have limits to it and Anyone that makes over $5,000 also we available for it. The Solo 401k is for sole proprietors of small businesses and their spouses. Simple IRA is a retirement plan that is more for the middle class the maximum annual contribution amounts to $12,500. And finally the  SEP-IRA is a retirement plan that have limits to it and you have to have a salary with $53,000 being the absolute maximum contribution allowed.

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Real estate agents love their job so much that they hardly ever think of retiring. However, the day will come that they will bid working life farewell and enjoy life at a (slightly) slower pace.

As you may already know, there are many ways to plan for retirement. Certainly paying off the mortgage of your own home is a big one. So is insuring yourself against adverse events in life. In this post, however, we will zoom in on the different retirement savings accounts that have become the staple of retirement planning over the years.

Here are five savings plans that real estate agents should look into when planning for their retirement:
Traditional IRA.
The good old traditional IRA is available for anybody who has an income. There is never an employer match and the maximum contribution limit is $5,500. When you turn 50 you can start making extra payments every year (this is called the annual 'catch-up'). With the traditional IRA that catch-up can amount to $1,000.
Roth IRA
The Roth IRA is similar in many ways to the traditional IRA. Again the maximum annual contribution amounts to $5,500. There is also the $1,000 catch-up.

At this point you may be wondering what the difference between the Roth and traditional IRA are. One difference is the Roth IRA has income limits. For single filers in 2016 that threshold starts at $117,000 and ends at $132,000 (we are talking MAGI - Modified Adjusted Gross Income). In that range, your contribution is gradually reduced, or phased out, eventually reaching zero. Another difference between them is the timing of when you get a tax break or pay taxes on the original income earned: with the traditional IRA the contributions are tax-deductible when you earn the original income as a self-employed agent but any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable; with the Roth IRA you can not deduct any contributions up front on your taxes, but all withdrawals are tax-free once you reach the required age.
Solo 401(k)
The Solo 401(k) is accessible for sole proprietors of small businesses and their spouses. Contributions are capped at 25% of profits plus $18,000 - that amount can never go higher than $53,000. With the Solo 401(k), there is no employer matching. Catching up can happen with big leaps, however, with up to $6,000 in catch-up contributions possible. That's a great feature if you are running behind on building your nest egg or didn't have enough cash coming in at the beginning of the year. As with a traditional , your contributions are pre-tax, and you are later taxed on withdrawals in your retirement.
Simple IRA
Small business employers and their employees can contribute to a Simple IRA. The maximum annual contribution amounts to $12,500. Employers match 1% to 3% of total pay or contribute a fixed 2% employer contribution to all employees. Catch-up is capped at $3,000 but it is possible to continue to make contributions after age 70½. Growth is tax-deferred and matching contributions can be deducted by the employer as a business expense.
SEP-IRA
The SEP-IRA, like the Simple IRA, is available to small-business employers and employees. Contributions are limited to 25% of salary with $53,000 being the absolute maximum contribution allowed. All contributions are made by the employer. : you cannot contribute a higher percentage for yourself than you do for your employee(s). While there is no room for catch-up payments, contributions are permitted after age 70 ½. The contributions and any capital growth are tax-deferred so you will end up being taxed upon withdrawing funds. You can start taking money out at age 59½, but you don't have to do so until age 70½.

Now that you have five solid options for your retirement, the rest will be up to you. The right choice for you will depend, among other things, on whether you want to pay tax up front or at the time of withdrawal, as well as how much you want to be able to contribute every year. And don't forget to factor in the retirement savings strategy of your spouse.

Do you have any sure-fire tips for helping agents save for retirement? Feel free to share your experiences in a comment on this post, on or on
[NOTE: Our list of available options should not be construed as investment advice. Please always consult with a trusted financial advisor before deciding what retirement strategy is suitable for you.]

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5 retirement savings plans for real estate agents - eCommission

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Real estate agents love their job so much that they hardly ever think of retiring. However, the day will come that they will bid working life farewell and enjoy life at a (slightly) slower pace. As you may already know, there are many ways to plan for retirement.

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What requirements do I need to reach my career goal?

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What requirements do I need to reach my career goal?

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First I need to gain way more experience with this career and stay focused on achieving it. Then I need to go get my business degree so I could get better pay and start up my own real estate company. I could do more research and get my real estate license so I can start.

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Posted by: Kaplan Real Estate Education
Updated: August 20, 2019

Deciding to become a real estate agent is a major move in anyone's career journey. People enter the field of real estate from various occupations and careers, and at various stages of their lives. Everyone has different reasons why they think real estate is the correct career choice for them. But, one question consistently comes from people looking to enter the real estate industry: "How do I become a real estate agent?"

The simple answer is, "it depends." It mostly depends on where an individual wants to practice real estate. Becoming a real estate agent requires a state license. Each state regulates their own real estate licensing process, and each state's regulations or rules are slightly different. But, there are a few basic requirements that are always consistent.

General Requirements to Qualify to Become a Real Estate Salesperson

To be eligible to become a licensed real estate salesperson or agent, you must:

1. Be at least 18 or 19 years old (depends on the state)

2. Have legal US residency

3. Complete your required prelicense education (find your state's requirements)

4. Pass your state real estate license examination

These items represent the high-level checklist of what it takes to become a licensed real estate agent, but there are a lot of decisions you need to make along the way that will dictate whether your journey is successful or not.

Is Real Estate Right For You?

The first step in this process is making sure that real estate is right for you. As a real estate salesperson, each day is spent working for you. This means handling your own office management, paperwork, prospecting leads, developing relationships, managing contacts, and dealing with buyers and sellers. Reach out to local real estate agents and brokers and ask them questions about what the day-to-day work is like. Ask questions about real estate as a long-term career. Starting a full-time career as a real estate agent can't be treated like a hobby. It requires a full commitment. Make sure real estate is the right path for you.

How to Become a Real Estate Agent

While the specifics vary by state, there are five steps that every individual must take to earn their license and become a real estate agent.

Step 1: Understand Your State's Real Estate Licensing Requirements

Each state's real estate licensing requirements are different. Your state's real estate commission website will list the official prelicensing requirements. Kaplan Real Estate Education offers a couple pages that narrow this knowledge gap down. The Steps to Licensing page is designed to show, in simple steps, what it takes to become licensed in each state. In addition, Kaplan offers a page dedicated to each state's real estate licensing and continuing education requirements. See the link below for your state's pages.

Step 2: Enroll in a Real Estate Prelicensing Course

There are variety of ways you can choose to complete your real estate prelicensing education requirements, from live classroom locations at local real estate schools, some realty firms, universities and technical schools offer real estate licensing programs, home-study, and online real estate education. This is an important decision in your journey. Make sure you enroll with a school that has a good reputation, offers quality content and instructors, and is focused on positive student outcomes. Your real estate licensing education will be difficult and comprehensive, but it will also be the springboard to a successful career as a real estate professional.

Step 3: Apply To Take the Real Estate Salesperson Exam

Timing is important at this step. Make sure you are following the application process with your state so you can sit for your real estate agent exam soon after you finish your real estate licensing classes. This process will be state-specific and include a fee. Check with your state's real estate regulatory authority for complete details. Some states require you submit fingerprints and pass a background check. This can take weeks to process. In many states, the application process must be complete before you can register or schedule your exam date. Don't let the paperwork become a roadblock to getting started in your new real estate career.

Step 4: Pass the Real Estate Salesperson Exam

Passing the real estate exam takes more than finishing the educational requirements-it takes preparation. Not everyone passes the exam the first time. Preparing yourself to pass the state exam takes additional study time. Kaplan highly recommends enrolling in an exam prep class. Because the ultimate goal is to help you pass the exam, most of Kaplan's prelicensing packages include the comprehensive Exam Prep Course. Taking practice exams, measuring your strengths and weaknesses, and working through comprehensive topical review will sharpen your knowledge and prepare you for exam day.

Show up to the exam location with a positive attitude, answer the questions using the massive knowledge bank you accumulated in your studies, and walk out with a passing grade on your state real estate exam!

Step 5: Find a Real Estate Broker

Your passing grade on your state real estate licensing exam doesn't quite mean you have a license yet. A real estate salesperson (agent) is licensed to act on behalf of a broker and may not act as a real estate agent independently. Consider finding a real estate broker early in your licensing process. Once you have completed your prelicensing education requirements and passed your exam, you and your broker will both need to complete final paperwork with the state. Once the form is accepted, your license will be issued, and you may practice real estate under the sponsorship of the broker. Keep in mind that there are a number of items to consider when finding the right real estate brokerage.

Good luck on your journey to becoming licensed, as well as your eventual successful career as a real estate agent! Each day can be unique and different for a real estate agent, and it can be a very rewarding and exciting career!

To view your state's specific Steps to Licensing pages and/or your specific state Real Estate Licensing and Continuing Education Requirements page, simply select your state from the list on the real estate education landing page.

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Posted by: Kaplan Real Estate Education Updated: August 20, 2019 Deciding to become a real estate agent is a major move in anyone's career journey. People enter the field of real estate from various occupations and careers , and at various stages of their lives .

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Employment of real estate brokers and sales agents is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations. There will be a continued demand for real estate brokers and sales agents, since people turn to them when looking for a larger home, relocating for a new job, and for other reasons. Employment is projected to grow along with the real estate market.

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Summary

Video transcript available at https://www.youtube.com/watch?v=Fh03puSzv7g.

Real estate brokers and sales agents help clients buy, sell, and rent properties.

Most real estate brokers and sales agents are self-employed. Although they often work irregular hours, many are able to set their own schedules.

Every state requires real estate brokers and agents to be licensed. Requirements vary by state but generally require candidates to be at least 18 years old, complete a number of hours of real estate or college courses, and pass a licensing exam.

The median annual wage for real estate brokers was $58,210 in May 2018.

The median annual wage for real estate sales agents was $48,690 in May 2018.

Employment of real estate brokers and sales agents is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations. Demand for these workers will continue, because people turn to real estate brokers and sales agents when looking for a home, such as to buy a larger home or to relocate for a job.

Explore resources for employment and wages by state and area for real estate brokers and sales agents.

Compare the job duties, education, job growth, and pay of real estate brokers and sales agents with similar occupations.

Learn more about real estate brokers and sales agents by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

What Real Estate Brokers and Sales Agents Do About this section

Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.

Duties

Real estate brokers and sales agents typically do the following:

Solicit potential clients to buy, sell, and rent properties

Advise clients on prices, mortgages, market conditions, and related information

Compare properties to determine a competitive market price

Generate lists of properties for sale, including details such as location and features

Promote properties through advertisements, open houses, and listing services

Take prospective buyers or renters to see properties

Present purchase offers to sellers for consideration

Mediate negotiations between buyer and seller

Ensure that all terms of purchase contracts are met

Prepare documents, such as loyalty contracts, purchase agreements, and deeds

Because of the complexity of buying or selling a residential or commercial property, people often seek help from real estate brokers and sales agents.

Most real estate brokers and sales agents sell residential property. Others sell commercial property, and a small number sell industrial, agricultural, or other types of real estate.

Brokers and agents can represent either the buyer or the seller in a transaction. Buyers' brokers and agents meet with clients to understand what they are looking for in a property and how much they can afford. Sellers' brokers and agents meet with clients to help them decide how much to ask for and to convince them that the agent or broker can find them a qualified buyer.

Real estate brokers and sales agents must be knowledgeable about the real estate market in their area. To match properties to clients' needs, they should be familiar with local communities, including knowing the crime information and the proximity to schools and shopping. Brokers and agents also must stay current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws.

The following are examples of types of real estate brokers and sales agents:

Real estate brokers are licensed to manage their own businesses. As independent businesspeople, brokers often sell real estate owned by others. In addition to helping clients buy and sell properties, they may help rent or manage properties for a fee. Many operate a real estate office, handling business details and overseeing the work of sales agents.

Real estate sales agents must work with a broker. Sales agents often work for brokers on a contract basis, earning a portion of the commission from each property they sell.

Real estate brokers held about 96,200 jobs in 2018. The largest employers of real estate brokers were as follows:

Self-employed workers

57%

Real estate and rental and leasing

39

Real estate sales agents held about 369,200 jobs in 2018. The largest employers of real estate sales agents were as follows:

Self-employed workers

56%

Real estate and rental and leasing

35

Construction

3

Workplace size for real estate brokers and sales agents can range from a one-person business to a large firm with numerous branch offices. Many brokers have franchise agreements with national or regional real estate companies. Under this arrangement, the broker pays a fee to be affiliated with a widely known real estate organization.

Some real estate brokers and sales agents work in a typical office environment, while others work out of their homes. In both cases, real estate workers spend much of their time away from their desks, showing properties to customers, traveling to see properties for sale, and meeting with prospective clients.

Work Schedules

Many real estate brokers and sales agents work more than 40 hours per week. They often work evenings and weekends to accommodate clients' schedules. Many brokers and sales agents spend a significant amount of time networking and attending community events to meet potential clients. Although they frequently work irregular hours, many can set their own schedules.

Some brokers and sales agents work part time and may combine their real estate activities with other careers.

How to Become a Real Estate Broker or Sales Agent About this section

Real estate brokers and sales agents typically must complete a number of real estate courses and pass a licensing exam.

Education

Real estate brokers and sales agents must complete some real estate courses to be eligible for licensure. Although most brokers and agents must take state-accredited prelicensing courses to become licensed, some states may waive this requirement if the candidate has taken college courses in real estate.

As the real estate market becomes more competitive and complex, some employers are preferring to hire candidates with a college degree. Some community colleges, colleges, and universities offer courses in real estate. Some offer associate's and bachelor's degree programs in real estate, and many others offer certificate programs. Courses in finance, business administration, economics, and law also can be useful.

Brokers intending to open their own company often take business courses, such as marketing and accounting.

In addition to offering prelicensing courses, many real estate associations have courses and professional development programs for both beginners and experienced agents. These courses cover a variety of topics, such as real estate fundamentals, real estate law, and mortgage financing.

Licenses, Certifications, and Registrations

All real estate brokers and sales agents must be licensed. Licensing requirements vary by state, but most have similar basic requirements:

Candidates must:

be 18 years old

complete a number of real estate courses

pass an exam

Some states have additional requirements, such as passing a background check. Licenses typically are not transferable among states. However, some states have reciprocity agreements in that they will accept some requirements used to get a license in another state (such as course hours).

To obtain a broker's license, individuals generally need 1 to 3 years of experience as a licensed sales agent. They also must take additional formal training courses. In some states, a bachelor's degree may be substituted in place of some experience or training requirements.

State licenses typically must be renewed every 2 to 4 years. In most states, brokers and agents must complete continuing education courses to renew their license. To verify exact licensing requirements, prospective brokers and agents should contact the real estate licensing commission of the state in which they wish to work.

Work Experience in a Related Occupation

To get a broker's license in most states, real estate brokers must have experience working as a licensed real estate sales agent. Requirements vary by state, but most require 1 to 3 years of experience.

Training

Real estate sales agents improve their skills through practice and repetition. Training varies depending on the real estate company. Some provide formal training, while others allow their agents to enter the field immediately after obtaining their license.Insome states, agents must be sponsored by a broker while they are working to get their license.

Because of the sales environment and the complexity of real estate deals, new agents may observe and work closely with more senior agents. Larger real estate companies may provide formal classroom training for new agents as a way to gain knowledge and experience, while others provide training to employees studying for their real estate licensing exam.

Advancement

Sales agents who earn their broker's license may open their own offices.

Important Qualities

Business skills. Because most brokers are self-employed, they must manage every aspect of their business. This task includes reaching out to prospective clients, handling their finances, and advertising their services.

Interpersonal skills. Strong interpersonal skills are essential for real estate brokers and sales agents, because they spend much of their time interacting with clients and customers. To attract and keep clients, they must be pleasant, enthusiastic, and trustworthy.

Organizational skills. Real estate brokers and sales agents must be able to work independently, managing their own time and organizing, planning, and prioritizing their work.

Problem-solving skills. Real estate brokers and sales agents need to be able to quickly (sometimes immediately) address concerns clients or potential customers may have with a property. They also mediate negotiations between seller and buyer.

Median annual wages, May 2018

The median annual wage for real estate brokers was $58,210 in May 2018. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $22,750, and the highest 10 percent earned more than $163,540.

The median annual wage for real estate sales agents was $48,690 in May 2018. The lowest 10 percent earned less than $24,650, and the highest 10 percent earned more than $112,610.

In May 2018, the median annual wages for real estate brokers in the top industries in which they worked were as follows:

Real estate and rental and leasing

$56,780

In May 2018, the median annual wages for real estate sales agents in the top industries in which they worked were as follows:

Construction

$57,340

Real estate and rental and leasing

45,590

Brokers and sales agents earn most of their income from commissions on sales. The commission varies by the type of property and its value. Commissions often are divided among the buying agent, selling agent, brokers, and firms.

An agent's income often depends on economic conditions, the agent's individual motivation, and the types of property available. Income usually increases as agents become better and more experienced at sales. Earnings can be irregular, especially for beginners, and agents sometimes go weeks or months without a sale. Some agents become active in community organizations and local real estate organizations to broaden their contacts and increase their sales.

Many real estate brokers and sales agents work more than 40 hours per week. They often work evenings and weekends to accommodate clients' schedules. Many brokers and sales agents spend a significant amount of time networking and attending community events to meet potential clients. Although they frequently work irregular hours, many can set their own schedules.

Some brokers and sales agents work part time and may combine their real estate activities with other careers.

Employment of real estate brokers and sales agents is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations.

There will be a continued demand for real estate brokers and sales agents, since people turn to them when looking for a larger home, relocating for a new job, and for other reasons. Employment is projected to grow along with the real estate market.

The millennial generation will be entering the prime working-age and household-forming age cohort over the next decade. This generation has delayed home ownership because of financial and personal considerations. Therefore, their entry into the housing market should increase demand for real estate agents and brokers.

An improving job market and rising consumer spending also will drive demand for brokers and agents to handle commercial, retail, and industrial real estate transactions.

However, tighter credit regulations and increasing real estate prices may cause some people to continue renting as opposed to entering the housing market.

The real estate market is highly sensitive to fluctuations in the economy, and employment of real estate brokers and agents will vary accordingly. In periods of economic growth or stability, employment should grow to accommodate people looking to buy homes and businesses looking to expand office or retail space. Alternatively, during periods of declining economic activity or rising interest rates, the amount of work for brokers and agents will slow and employment may decline.

Job Prospects

It is relatively easy to enter the occupation, but getting listings as a broker or an agent depends on the real estate market and overall economic conditions. As the economy expands and more people look to buy homes, job competition may increase as more people obtain their real estate license. In contrast, although the real estate market declines in an economic downturn, there also tend to be fewer active and licensed real estate agents.

New agents will face competition from well-established, more experienced brokers and agents. Because income is dependent on sales, beginners may have trouble sustaining themselves in the occupation during periods of slower activity.

Brokers should fare better because they generally have a large client base from years of experience as sales agents. Those with strong sales ability and extensive social and business connections in their communities should have the best chances for success.

Occupational Title

SOC Code

Employment, 2018

Projected Employment, 2028

Change, 2018-28

Employment by Industry

Percent

Numeric

Real estate brokers and sales agents

41-9020

465,500

497,900

7

32,400
Get data

Real estate brokers

41-9021

96,200

103,000

7

6,800
Get data

Real estate sales agents

41-9022

369,200

394,800

7

25,600
Get data

Occupational Employment Statistics (OES)

The Occupational Employment Statistics (OES) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state's websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Information on licensing requirements for real estate brokers and sales agents is available from most local real estate organizations and from the state real estate commission or board.

For more information about opportunities in real estate, visit
National Association of Real Estate Brokers National Association of Realtors
O*NET
Real Estate Brokers Real Estate Sales Agents

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Video transcript available at https://www.youtube.com/watch?v=Fh03puSzv7g. Real estate brokers and sales agents help clients buy, sell, and rent properties. Most real estate brokers and sales agents are self-employed. Although they often work irregular hours, many are able to set their own schedules. Every state requires real estate brokers and agents to be licensed.

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A good benefit is the majority of real estate professionals get into the business because they want a flexible schedule, and it’s true, in real estate you are your own boss and can arrange your day so that you’re able to attend your child’s sporting event or be home for the after-school rush. You have a very flexible schedule so you could go on vacation anytime you would like just know that you would be loosing out on more opportunity. You don’t clock in and clock out every day.
A bad benefit is Because you’re not earning a salary from an employer, your earnings are based on your transactions each month. If you have a slow month, your takeaway is less. The job is based on commission, so if you’re not selling a property, you don’t automatically get a paycheck.

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Real estate is a career with significant rewards and as many challenges. Though it can be lucrative, it requires hard work and sacrifice. If you're interested in going into real estate, we've put together a list of the pros and cons of becoming a REALTOR® or real estate agent.

Pro: You have the flexibility to choose your own schedule

A majority of real estate professionals get into the business because they want a flexible schedule, and it's true, in real estate you are your own boss and can arrange your day so that you're able to attend your child's sporting event or be home for the after-school rush. You don't clock in and clock out every day.

" There have been tremendous shifts in terms of when, where, and how people are working," Sarah Sutton Fell, the CEO of FlexJobs told , "and in the last five years we've seen a big increase in flexible work options, both being offered by employers and being sought by professionals." Real estate is one of those prized careers that has flexibility built into it.

Con: Without set hours, you might end up working more

Having flexible hours certainly doesn't mean you have an easy job. "The standard workweek is 40 hours," says , "although many real estate agents will be asked to work beyond the typical 9-to-5, especially since many client meetings take place on weekday evenings and weekends." This could mean that while you get to take time off on a weekday afternoon to visit your child's classroom, you might also have to skip family time on Saturday.

What you can do: Practice your time management skills

This is one of those pros and cons of becoming a real estate agent that's easy to address because there are so many time management tools available to help you outsource tasks both in your family time and business. Some of the new real estate technologies are making the daily tasks of the profession easier and faster.

Looking to switch careers? Find out what you need to know in a free Real Estate Career Switch Kit. Download now.

Pro: You have unlimited income potential

Real estate professionals make, on average, 25 percent more income than all workers, but there is no cap on how much you can make. The stronger your business skills are, and the more you put into the career, the more you'll get out of it. Since you're in charge of your own transactions, there isn't a salary cap or a set amount of time you have to work before you get a raise. The sky's the limit.

Con: You have no safety net in the slow periods

Because you're not earning a salary from an employer, your earnings are based on your transactions each month. If you have a slow month, your takeaway is less. The job is based on commission, so if you're not selling a property, you don't automatically get a paycheck.

What you can do: Create a savings fund first

This is one of the cons of becoming a real estate agent you can address with proper planning. If you spend time creating a savings fund before you jump into real estate, then you won't have a problem with cash flow in the slow periods. When transactions pick up, you can replenish your savings fund for the next time. Make sure you account for some of the most common real estate agent expenses while you're budgeting for how much you should save.

Download now: Start-Up and First-Year Costs for Real Estate Agents

Pro: You get to help make dreams come true

Imagine showing people beautiful properties every day and helping clients find their dream homes. As a real estate professional, you get to be part of some of life's biggest moments with your clients. You can be part of helping them find that perfect home that will be in their family's memories forever. It can be exciting and motivating.

Con: Buying and selling can be stressful for clients

Most of your clients won't buy and sell homes regularly and any purchase is a significant financial decision. This can make tensions run high, especially if your clients are conflicted about what to do. Although working with people can be rewarding, it can also be stressful and have its challenging moments.

What you can do: Develop a robust real estate network

A network of like-minded real estate professionals can support you if you're having a tough time with a particular client. Mentors who have had similar experiences can share approaches with you that have worked for them in the past. Spend time getting to know other agents in your area and ways they approach working with demanding clients or how they care for their clients in stressful situations.

Weigh the pros and cons of becoming a REALTOR®

Before you get started on your real estate career, take time to think about how you will overcome some of the challenges of this rewarding industry. The pros are enough to attract many people to the industry, but it's the professionals who can defeat the cons who have real staying power.

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The Pros and Cons of Becoming a Real Estate Agent

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Real estate is a career with significant rewards and as many challenges. Though it can be lucrative, it requires hard work and sacrifice. If you're interested in going into real estate, we've put together a list of the pros and cons of becoming a REALTOR® or real estate agent.

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What could you do to become a better agent 

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What could you do to become a better agent 

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As a real estate agent you should definitely try to get as social as possible, get to know people, watch the news for events,  do more research, link with other agents and see how they work, go explore meaning walk through neighborhoods and stop at yard sales. Being a real estate agent and gaining knowledge you should ask a lot of questions.

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Knowledge sells homes. Your success in real estate depends on your desire to learn how to sell homes quickly, and at top dollar. Building an arsenal of real estate information-on a local and national level-can be key to making or breaking your top-selling agent status. In this post, we'll walk you through six ways to gain knowledge in real estate.

1. Research the facts

Use every search and research program available to you to compile the facts. Statistical information is public domain, and most agencies subscribe to the programs and databases that hold key information.

2. Network regularly

Other agents can help you learn the real estate market better and quicker than anywhere else. Consider joining a professional organization in your area, or find out if your agency has a mentoring program. Make time each week to pick your fellow agents' brains to learn from their real estate knowledge and experience.

3. Get social

As a real estate agent, you should learn everything you can about the areas in which you work. Visit public gatherings, including ballgames, church socials, and other events to gain knowledge about your the community. Make friends and listen to them. They are not only your greatest source of real estate information, but also your future customers.

4. Catch the news

Local news organizations, real estate blogs, social media, papers, television, and radio are great resources for concerns, events, and other outcomes that affect areas and neighborhoods. A few minutes spent skimming through the local news can alert you to new developments or issues that you can add to your arsenal of real estate knowledge.

5. Go explore

Get out of the office and explore. Drive through the neighborhoods, take a walk through the parks, stop at the yard sales. These are opportunities to learn your turf and do some networking.

6. Ask and answer questions

Be responsive to all questions from clients or prospective clients, even if there aren't any answers. It's okay if you don't know everything. You don't have to instantly answer every question, but you should make every effort to find the answers. Ask your network for information you don't have. And ask clients what they want and value so that you can find the information they're seeking.

More ways to gain knowledge in real estate

Looking for other ways to expand your real estate skills? Gain knowledge about the real estate industry by signing up for online real estate continuing education courses. For more tips and tools designed to help you advance your real estate career, browse our blog.
Ready to get started? Click here to learn about continuing education requirements in your state.

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6 Ways for Real Estate Agents to Gain Knowledge

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Knowledge sells homes. Your success in real estate depends on your desire to learn how to sell homes quickly, and at top dollar. Building an arsenal of real estate information-on a local and national level-can be key to making or breaking your top-selling agent status.

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You have to work indoors while preparing contracts and other paperwork. They work outdoors while showing and inspecting properties. You have to have a vehicle to drive from property to property, nasty phone calls from the buyers, and must work 40 hours a week. This career if for me because I’m usually always doing something and I’m not able to work a 9-5 job as a career. So being a real estate agent is the perfect job for me. There is more freedom in a stretched schedule.

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Add Occupation to Career Plan

In a typical work setting, real estate agents:

Interpersonal Relationships

Have a high level of social contact. They are in constant contact with buyers, sellers, and other agents.

Are often placed in conflict situations in which buyers and sellers may be rude or angry.

Communicate with buyers and sellers daily by phone, e-mail, or in person.

Write letters and memos on a weekly basis.

Work in a group or as part of a team.

Physical Work Conditions

Work indoors while preparing contracts and other paperwork. They work outdoors while showing and inspecting properties.

Must use a vehicle to travel to and from properties.

Work somewhat close to other people. They may share office space with coworkers.

Work Performance

Must be exact in their work. Errors could cause clients to lose money.

Repeat the same tasks over and over, such as preparing contracts.

Often make decisions that strongly impact clients. They rarely consult with a supervisor before making decisions.

Are usually able to set their tasks for the day without consulting with a supervisor.

Are highly competitive with other agents and must meet strict deadlines on a weekly basis.

Hours/Travel

Generally have an irregular schedule each week that varies.

May work full time or part time, but most work more than 40 hours a week.

May work evenings and weekends to accommodate the schedules of potential buyers. Sunday afternoon open houses are common in many areas.

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Add Occupation to Career Plan In a typical work setting, real estate agents: Interpersonal Relationships Have a high level of social contact. They are in constant contact with buyers, sellers, and other agents. Are often placed in conflict situations in which buyers and sellers may be rude or angry.

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First you would have to earn a real estate sales license. Most states require individuals to possess a high school diploma or the equivalent, complete a certain number of real estate courses, and pass an exam that will have you eligible to become a real estate broker.

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Upon receipt of their real estate broker's licenses, individuals can obtain positions as commercial real estate brokers. Commercial real estate brokers will likely gain additional skills and continue to develop professionally as time progresses.

Brokers should stay up to date on the latest advancements and innovations in the field. To show commitment to their positions, commercial real estate brokers must stay informed of the latest developments in commercial real estate. Innovation is occurring in many areas, such as property marketing, environmental standards, and mobile data.

With experience, brokers may choose to open and operate their own commercial real estate offices. Brokers interested in pursuing this path will likely need some business and finance knowledge, which may be developed through experience or postsecondary training.

So when considering the career of commercial real estate broker, realize that this path requires self-motivation and flexibility with work hours in order to first become a licensed real estate agent, and then with experience, the completion of postsecondary coursework. And after achieving a state-required license, it is possible to work as a commercial broker, and if desired, run one's own business with hired sales agents.

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how to become a commercial real estate broker

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How to Become a Commercial Real Estate Broker

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Upon receipt of their real estate broker's licenses, individuals can obtain positions as commercial real estate brokers. Commercial real estate brokers will likely gain additional skills and continue to develop professionally as time progresses. Brokers should stay up to date on the latest advancements and innovations in the field.

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Commercial agents had a median annual gross income of $108,800 a year from last year's rates. but for the most part it really depends on how much you sell and how much you are committed.

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There's a reason the typical commercial real estate agent salary is six figures. The learning curve to become a commercial agent is six months to six years and comes with an expectation of increased education, said Thomas Riley, a New Hampshire commercial agent at www.thomasariley.net and treasurer of the National Association of Realtors (NAR).

"The training is intense," Riley said. Commercial agents are expected to know about many more aspects of real estate than residential agents and may specialize in several areas, such as office, retail, and industrial development, he said.
(Editor's note: This blog post has been updated as of August 2018 to reflect the latest salary statistics from our 2018 Real Estate Agent Income Guide.)
More income means higher demands for education and training

With the higher demands for education and training, commercial real estate agents can expect to earn more than twice what residential agents earn. Commercial agents had a median annual gross income of $108,800 last year, according to the 2017 NAR Commercial Member Profile. Commercial brokers tend to have higher incomes than agents, but there are more NAR commercial agents, 31 percent, than brokers, 17 percent.

Income increased with experience and work hours, the NAR profile showed. Those with less than two years of experience had median annual incomes of $43,400 last year compared to those with more than 26 years of experience, $165,400.

Although Riley has 35 years of experience, most commercial real estate agents have been in business 24 years and in commercial real estate 19 years.

Shan Zaidi, a commercial broker in Texas, has been in the business for six years, at it full-time for the past three. Working part-time is rare among commercial agents. The majority NAR surveyed worked at least 40 hours a week. Agents who worked less than 20 hours reported a median annual income of $21,600 and those who worked 60 hours or more, $163,200. Agents with six to 15 years of experience tend to work longer hours than those with less than two years of experience and those with 26 years or more.

Zaidi said his background in investments, acquisitions, management consulting, and as an analyst helps him as a commercial broker, he said. Finance and marketing degrees are also valuable because the job requires an understanding of underwriting, lending, tax ramifications, and the ability to communicate effectively with the buyer and seller. Sixty-eight percent of commercial agents have a bachelors degree or higher.

Riley recommended that commercial agents start in the residential real estate field and learn sales, business, people, and communication skills.

FREE DOWNLOAD: Is a Real Estate Career Right for You?

It pays to specialize

In our recent salary survey, we discovered that specialization pays off. (Data in this report is from a survey conducted in February 2018 that generated 1,029 responses from licensed real estate professionals in the United States. The study has a 5% margin of error at a 99% confidence level. All survey participants have taken a course with Real Estate Express' sister company, McKissock Learning.) As people enter the real estate profession, they usually pick an area or two to grow their expertise. This chart shows common specialties, as well as their associated earnings - including that of commercial agents.

With the commercial real estate agent salary come fewer but bigger deals

Unlike residential real estate agents, who may run multiple listings and show properties every weekend, commercial agents tend to focus on a few deals for several months, Zaidi said. Commercial real estate deals tend to be larger than residential deals and take longer to close. One or two multi-million-dollar commercial deals every year or so can provide enough income for several years, he said.

In 2016, commercial NAR members reported a median of eight transactions. Among members surveyed, 26 percent reported having one to four transactions, and 30 percent reported having more than 20 transactions last year. The median sales transaction volume was $3.5 million, and the median dollar value of sales transactions was $541,700. The median lease transaction volume among members who reported at least one transaction was $600,000. The median leasing value, $221,200.

Most commercial members are paid on commission, according to the NAR report. Almost half of those surveyed were compensated through a percentage of commission split between the sales/leasing representative and the broker or broker's office.

FREE DOWNLOAD: The many hats you will wear as a real estate agent.

Riley says those who work with a real estate brokerage may receive straight commission or a stipend toward commission to start. Those who work in-house for large enterprises may be given a commercial real estate agent salary and commission, he said.

The majority of commercial real estate professionals are male and earn more, $129,200, than females, $81,300. Riley said he expects the dichotomy to change as more women enter the commercial real estate field.

Most members also earned some personal income from commercial real estate investments, NAR reported.

Some of the challenges of the commercial real estate job today include pricing issues and fluctuating interest rates. The value of the property drops as interest rates rise, which can cause deals to fall through, Zaidi said.

Still, Riley says it's a great industry and can be very lucrative. "Knowledge is the key."

Starting a career in real estate? Browse our blog for tips and tools to help launch your real estate career. Check out RealEstateExpress.com for more great resources.

Article by Roni Robbins. Roni Robbins is a 30-year journalist with business, environmental, and real estate specialties. She wrote real estate articles for Mother Nature Network, the Daily Report, and Atlanta Journal-Constitution. She also reported for the New York Daily News, WebMD, and with stories picked up by the Huffington Post, Forbes, USA Today, and CNN. Find out more about Roni .

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Commercial Real Estate Agent Salary: More Training Can Mean Bigger Rewards - Real Estate Express

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There's a reason the typical commercial real estate agent salary is six figures. The learning curve to become a commercial agent is six months to six years and comes with an expectation of increased education, said Thomas Riley, a New Hampshire commercial agent at www.thomasariley.net and treasurer of the National Association of Realtors (NAR).